Boxing Day Blow-out Sale!

Are you out there looking for deals today?

Doing some boxing day sales shopping?

Want to save big?

Jay posted a couple of recent discounts in the Vancouver real estate market, and boy do we have some deals for you.

If you act fast  and buy now you can save enough to buy more than 50 brand new 2013 Mercedes SLKs.

SLK, get 50 of 'em

50 of those would cost about $2.9 million, which is how much this property has just been reduced by now asking only $9.98 million.

Of course that just gets you land, if you want to get a home as well why not try this property out by UBC complete with an authentic 1997 style concrete and steel mansion.

Original asking price $10,380,000 it can now be yours for only $7,990,000!

Happy bargain hunting!

46 Responses to “Boxing Day Blow-out Sale!”

- ♦ ↓ ↓ ↓ Click here to leap to comment form ↓ ↓ ↓ ♦ -
    Name taken Says:
    1

    Mercedes sucks anyway

    Hot debate. What do you think? Thumb up 16 Thumb down 12

    Village Whisperer Village Whisperer Says:
    2

    1575 Acadia is still asking $1.5 million over assessment value.

    While it’s great to see seller’s come to grips with asking prices that are massively above assessed values, there is still a ways to go to bring some of those asking prices down below assessed value.

    2013 may be the year we measure all properties by how much below assessed value they are asking (and sell for) instead of how much they have come down from their original (and outlandish) asking prices.

    Well-loved. Like or Dislike: Thumb up 42 Thumb down 1

    @ Village Whisperer

    Yes! Used house sales marketing strategy will be along the lines of:
    “3 Recent solds as high as 10% below assessed value!”

    Hot debate. What do you think? Thumb up 9 Thumb down 1

    It’s almost the time of year when new assessment prices are updated on e-Value BC website. I believe last year someone was calling for people to look up 2011 assessment prices of as many units as possible, post them on the forum, and compare them with the new 2012 assessed prices come Jan 2013.

    Too bad the forum is down right now but it can still be an interesting project. For those interested, keep the record on a spreadsheet and we can share in a couple weeks!

    (format eg: City – Address – 2012 assessment – 2013 assessment – last sale $ – last sale date)

    Well-loved. Like or Dislike: Thumb up 27 Thumb down 1

    Hidden due to low comment rating. Click here to see.

    Poorly-rated. Like or Dislike: Thumb up 3 Thumb down 27

    The first home actually listed for $14.88 million earlier in 2012 so add another 35 or so SLK’s

    Hot debate. What do you think? Thumb up 16 Thumb down 0

    WSJ: Sequel to Canada’s “Mortgage Wars”–the Fight for Deposits
    December 24, 2012

    “2012 was the year of the mortgage wars for Canada’s major banks, until policymakers finally clamped down on them. The coming year is expected to be one in which the battle for deposits starts to really heat up.

    It’s one of the few remaining areas of potential growth for Canada’s big banks. Those institutions are facing slowing mortgage lending and still-sluggish business lending activity.

    … “We expect that intensifying competition for loans and deposits will lead to pressure on profitability growth,” Standard & Poor’s Ratings Service said in mid-December, when it downgraded by one notch six Canadian financial firms.

    Still, don’t expect posted savings rates to suddenly surge higher from their current rock-bottom rates of 1-2% any time soon. Mr. McVay expects the banks will be more aggressive in offering innovative savings products, like “rate-riser” GICs, where savers get a higher rate each year over the term’s maturity.”

    Like or Dislike: Thumb up 7 Thumb down 0

    Or to get under the skin of a certain bearded one, it’s 185 Kias!

    Like or Dislike: Thumb up 5 Thumb down 0

    http://www.zerohedge.com/news/2012-12-26/canadian-summarizes-americas-collapse-everyone-takes-nobody-makes-money-free-and-mon

    This guy is a good speaker and he is correct theoretically. But hey Canada, we need to practice what we preach! Vancouver and Toronto (to a lesser degree) are in catastrophic bubble levels RE wise, thanks to the Feds and the same greed we saw south of the border. Who’s kidding who??

    His comment regarding spending only what we have is complete and utter bollocks. Personal debt here is sky high in certain regions…hello BC, yeah I am talking to you!

    Regardless, at least he is on the right track.

    Hot debate. What do you think? Thumb up 14 Thumb down 8

    @VMD #4
    For those who want to participate in gathering 2012 vs 2013 assessed prices vs previous sale prices,
    Tip: type in an address then click “compared sold properties” to pull nearby properties which had sold in 2011.

    I’m starting with neighborhoods where my friends/colleagues had bought in the past 2 years.

    Like or Dislike: Thumb up 8 Thumb down 0


    U.S. retailers record worst holiday season since 2008

    – we stole their Black Friday idea, only fair they borrow our Boxing Day..
    Dec 26, 2012
    “The 2012 holiday season may have been the worst for retailers since the financial crisis, with sales growth far below expectations, forcing many to offer massive post-Christmas discounts in hopes of shedding excess inventory.”

    Hot debate. What do you think? Thumb up 10 Thumb down 0

    Landbaron Says:
    12

    @VMD

    Might I suggest a change in format for this project.

    You are able to export the info on the assessment website to Excel, but with a little bit of a different layout the you suggested (ie. separate city column etc.) This would save a lot of manual labour.

    Like or Dislike: Thumb up 4 Thumb down 0

    @12
    Ah I see, that’s definitely the way to do it. Thanks!
    So just click “export-to-excel” and voila!

    (Address, 2012 Assessment, Sale Date, Sale Price,Description)

    Like or Dislike: Thumb up 8 Thumb down 0

    RealityCheck Says:
    14

    Just checking MLS prices in central surrey SFD houses. The list prices are higher than ever! About $100,000 higher than 2 years ago.

    Not being a pumper or anything but i just don’t see the damage in my area. Maybe just the $1 Million+ market is whats being affected because the Sub-$800,000 market is higher than ever. Comments?

    Hot debate. What do you think? Thumb up 10 Thumb down 13

    Landbaron Says:
    15

    @RealityCheck

    What is a SFD (single family dwelling) house in surrey, they exist?

    List prices mean nothing. Please provide addresses so we can add them to the assessment databank.

    Thx

    Hot debate. What do you think? Thumb up 13 Thumb down 0

    Girlbear Says:
    16

    @Landbaron

    You beat me to it. I don’t care if list prices in Surrey are $500k higher. Meaningless until the house is SOLD.

    Hot debate. What do you think? Thumb up 19 Thumb down 0

    Girlbear Says:
    17

    @Realitycheck

    Not sure what methodology you are using to garner the idea that listings are $100k higher but let’s just for the sake of this argument assume you are correct. I am also going to have to assume your sample group does not consist of homes that have been substantially upgraded.

    If anything, this leads me to believe either:
    a) these are flippers in trouble
    b) these are people who have drawn A LOT off their home credit line
    c) these are very stupid people.

    Possibly a combination of the 3.

    No realtor with half a brain would encourage listing a home in Surrey higher than what he/she might list it for 2 years ago.

    Hot debate. What do you think? Thumb up 15 Thumb down 1

    Landbaron Says:
    18

    @Girlbear

    Even worse, they probably spent $100k+ on upgrades but still think it’s worth almost a mill now!

    I mean why not, because real estate always goes up don’t cha know…

    Like or Dislike: Thumb up 4 Thumb down 1

    Patiently Waiting Says:
    19

    Anyone know the deal with the new Kabana condos in Burnaby? It looks like nearly all the 60 suites are being rented instead of sold:

    http://vancouver.en.craigslist.ca/bnc/apa/3467460954.html

    $1600 for a NEW 2-bdrm with all the bells and whistles will cause some grief for older building owners near Metrotown.

    Hot debate. What do you think? Thumb up 13 Thumb down 1

    Apocarypse Mao Says:
    20

    @ # 19Patiently Waiting:

    There is nothing in the ad that says these units aren’t sold. This ad would probably be placed by a rental management service who would manage the rentals for the investors who bought units. Common practice.

    It could be that the developer went ahead and built the project planning to rent out the units until the market ‘came back”. However, this is unlikely, as in order to build, the developer would need a loan, and in order to get a loan, they would need a majority of the units to be pre-sold.

    Like or Dislike: Thumb up 6 Thumb down 0

    The Globe is educating the masses… finally!

    CMHC: Ottawa’s $800-billion housing problem

    http://www.theglobeandmail.com/report-on-business/economy/housing/cmhc-ottawas-800-billion-housing-problem/article6732755/

    Well-loved. Like or Dislike: Thumb up 27 Thumb down 1

    Girlbear Says:
    22

    @Patiently Waiting

    The apartment does look nice (Metrotown is not my personal choice, but I would gather that is an ok price for that area…sort of?)

    Would prefer if they showed the ACTUAL suite for rent vs the glammed up (spent $50k to make it look good) show suite…

    Like or Dislike: Thumb up 5 Thumb down 1

    Girlbear Says:
    23

    @Makaya

    Problem is, do the “masses” read the Globe…?

    Like or Dislike: Thumb up 7 Thumb down 0

    Groundhog Says:
    24

    MLS #F1216215

    This home in White Rock has been for sale for about a year and half. Drove past it today and it has a sold sign on it, but still on MLS. Just curious if anyone is able to find out the final sales price on this.

    Like or Dislike: Thumb up 6 Thumb down 0

    Patiently Waiting Says:
    25

    re Apocarypse Mao:

    True, that could be the case. The Craigslist ad says “Choose from one and two bedroom suites available in 17 different floor plans.” and there are only 60 suites in the building. From that, it appears almost the whole building went right on the rental market, whether its owned by the developers or investors.

    Depending on how deep the developers pockets are, some buildings could get built without many pre-sales. I’m sure it wouldn’t stop ONNI or BOSA. Don’t know about this developer (Elegant Development Inc. and Kraftsmen Holdings).

    Waiting for the market to come back means these units will now be sold used, so I don’t understand how they could get a better price.

    A couple of units appear to be for sale by flippers:

    http://www.burnabycondo.com/kabana-6888-royal-oak-avenue-burnaby

    Like or Dislike: Thumb up 9 Thumb down 0

    Patiently Waiting Says:
    26

    re Girlbear:

    I think its market price for a totally new 2 bdrm near Metrotown. Its a little beyond my desired price-range and not quite in my ideal area.

    Like or Dislike: Thumb up 6 Thumb down 0

    Landbaron Says:
    27

    @RealityCheck

    Couldn’t those sub $800k homes selling like hotcakes be previous $1mill+ listings that couldn’t sell?

    Just a thought

    Like or Dislike: Thumb up 2 Thumb down 0

    Landbaron Says:
    28

    And by ‘hotcakes’ I mean a few

    Like or Dislike: Thumb up 3 Thumb down 0

    southseacompany Says:
    29

    #25 Patiently Waiting:

    Without being too specific, I work in the development industry. Consulted for some of the developers you mention, and others. They all get financing. This was discussed at meetings. The first step is getting 3rd reading on rezoning; they seem to get some financing then. The next is getting some % of pre-sales, they get the rest after that. They use their own money to buy the land and get the rezonings, but they all use financing to build.

    Construction costs are a lot; up to $400/sf for concrete. For a 150 unit tower with, say, 800 sf gross unit sizes, that’s 120,000 sf X $400 = $ 48 million. If they have a few buildings to build they would need a few $billion. No one has that kind of money. Just buying the land and getting rezonings keeps these guys leveraged as it is.

    If a building’s built; it’s sold. If it’s being built; it’s mostly ‘pre-sold’. It’s not sold if construction hasn’t started, and the developer is returning deposits. Haven’t seen that yet. May happen.

    These Burnaby units are undoubtable all bought by investors. This is the rental management service advertising. If it’s already built, these investors bought pre-sales two or three years ago, before construction started. If it’s near Metrotown, the target is Asian investors.

    Well-loved. Like or Dislike: Thumb up 32 Thumb down 0

    Girlbear Says:
    30

    @Patiently Waiting

    Yes, I see what you mean. Ummm I will take curtain number one please…

    http://vancouver.en.craigslist.ca/bnc/apa/3454865585.html

    Like or Dislike: Thumb up 3 Thumb down 0

    southseacompany Says:
    31

    @#21 Makaya:

    Thanks. That was a G & M great article!

    Like or Dislike: Thumb up 2 Thumb down 0

    @southseacompany

    so how many % presold units needed to get finance?

    and when you said if it’s built, it’s sold. but from my understanding, some buildings in downtown the developers still “own” several units after it’s built.

    Like or Dislike: Thumb up 6 Thumb down 0

    southseacompany Says:
    33

    @32 G:

    They need to get 60%-80% of the units pre-sold depending on the project. This would vary by whether it’s wood-frame or concrete, or how big the development is, or what they can negotiate with the bank. I’ve read that banks have upped the % in the last few years. They also only finance smaller phases. Things are changing now, but that Kabana building was most likely pre-sold a few years ago, in a different market. I suppose a developer could go ahead if they have a few units left and hope to sell after. It may depend on the developer and/or the amount of units.

    Interesting story; one of my coworkers said that a friend of his from HK bough 20 units in a recently sold out Metrotown development. He bought many months before the opening day ‘wow sold out in day’ event, so you know they are signing folks up way before the opening day. Since the developer had already pre-sold the required % for financing by then (again, months before opening day!), his HK friend didn’t even have to put any money down right away, just sign the contract. Apparently, the deposit payments can come come later at certain points in time. Also, he got a discount for pre-buying a lot of units. It’s like buying bulk wholesale. So, it seems that, once the developer gets their % for financing, they may just sign folks up. Investors are used as wholesale middlemen to get the project going, the price they pay is not the price you or I would pay if we walked in. Developers seem to operate in a different ‘wholesale’ world.

    That’s how the industry has worked, at least until now. It’s all a connected chain.

    The buildings that have been built, or are under construction, are the result of a market from two to three years ago. Even the recent ‘sold outs in a day’ are the result of marketing that has been going on for a year or two. So, that is really history, and not telling you what is really going on at the moment.

    Unfortunately, I don’t know what is really happening now, in terms of new developments, as I have not worked on local projects for over a year. And the local industry does not like to talk negatively.

    Well-loved. Like or Dislike: Thumb up 37 Thumb down 0

    Bull! Bull! Bull! Says:
    34

    And with the stroke of a pen credit is eased.

    http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2012/12/genworth-canada-guaranty-get-new-limit.html

    Canada’s private mortgage default insurers are about to get more breathing room. Starting January 1, 2013, private insurers can have up to $300 billion (combined) of insured mortgages on their books. The current limit is $250 billion.

    Hot debate. What do you think? Thumb up 13 Thumb down 8

    Girlbear Says:
    35

    @BullBullBull

    That news was last week.

    Also are you seriously telling me you think it’s a good idea for Canada to follow the US etc into the unlimited credit easing abyss further?

    I mean really. Do you really think this is good for the country as a whole to have everyone levered up to the hilt? Because well you know, it has worked so well in other places…

    Hot debate. What do you think? Thumb up 15 Thumb down 1

    real_professional Says:
    36

    @makaya .. just read the article.

    It was great but I keep wondering why the hell is it main stream now. I have been saying Dodge was the only one with his head screwed on straight for years! Flaherty is 100% to blame for the bubble and a vote for the conservatives means blood on your hands. Sorry, had to vent.

    The best part was the interview with Dodge where he said the role of lending standards should be taken out of the hands of elected officials.

    Thank god mainstream is catching on, hopefully the credit rating agencies do something.

    Hot debate. What do you think? Thumb up 22 Thumb down 3

    Anonymous Says:
    37

    Garth Turner is blogging about increase in Genworth mortgage coverage backed by Feds. This could re-inflate housing prices. Real estate lobby has convinced flaherty try to release more easy credit.

    “Six years ago F gave us 40-year mortgages and zero down. Four years ago the amount of government mortgage insurance was doubled. Three years ago came the cheapest mortgage rates in history. In between were new tax credits for first-time buyers and free money for renovations – all designed to goose housing. Then he pulled back hard last summer, sending the market into a dive. Now, desperate, he lays on more gas.”–Garth Turner

    http://www.greaterfool.ca/2012/12/26/the-soft-landing/

    Hot debate. What do you think? Thumb up 16 Thumb down 1

    Apocarypse Mao Says:
    38

    @ #3 real_professional: “a vote for the conservatives means blood on your hands”

    The biggest gains in the housing market were between 2002-2007. The Cons came in as a minority in Feb 2006. This bubble was started under the Librals watch. The CMHC started lowering standards in the late 90’s. And both the Libs and the NDP were screaming for stimulus in 2008 when the financial crisis hit. The Cons gave them what they wanted. They are all complicit.

    No party, or politician at the federal or provincial level, that I know of, has ever made any issue of rising house prices, or made any mention of a bubble, or even tried to start a dialog about trying to bring house prices down any any way. Even the ‘champions of the people,’ the provincial NDP, have made no mention of home ownership costs, even though this is the most significant hardship young families face today in Vancouver, where half the population of BC live.

    None of them. Even good old Tim “Che Guevera” Louis, was quoted in a questionnaire from VREAA that no one wants to see house prices go down.. that would hurt too many people. It’s because 70% of people own, and they vote.

    It’s the boomers vs the 30%.

    Vive La Revolution, baby! Just don’t touch my equity.

    Well-loved. Like or Dislike: Thumb up 29 Thumb down 3

    Bull! Bull! Bull! Says:
    39

    Hidden due to low comment rating. Click here to see.

    Poorly-rated. Like or Dislike: Thumb up 5 Thumb down 14

    Anonymous Says:
    40

    Burnaby RCMP received a “deluge” of 911 calls from Boxing Day shoppers stuck in traffic in mall parking lots. Calls were coming in from noon to night– prompting RCMP to issue a public warning that being stuck in a busy mall parking lot on Boxing Day is not an emergency requiring 911.

    Just sums up the sheer stupidity of Metro Vancouver Boxing Day sheeple consumers. Herds of Boxing Day shoppers look like lemmings going over a cliff. Too bad Boxing Day went this way. It used to be about spending time with family. Sucks to work on Boxing Day. Every holiday just means more hell for retail workers.

    http://www.vancouversun.com/news/metro/Burnaby+Boxing+shoppers+call+traffic/7746113/story.html

    Hot debate. What do you think? Thumb up 13 Thumb down 0

    real_professional Says:
    41

    @Mao. Please!

    Flaherty dropped lending standards on his first budget in 2006. The surge between 2001 and 2006 was based on alot of factors including a growing Canadian economy on the back of commodites and interest rates that had been cut after 911. 2002 to 2006 were global boom times, real estate was expensive pre conservatives. but in the policy induced bubble that followed, on the conservative watch, is what caused the us style housing extremes that we are currently enjoying.

    As for blaming the other parties for not challenging the conservatives on tinkering with mortgage lending standard. This is true, I even wrote to many poltical parties and published an article in national newspaper on this lack of opposition.

    I don’t know how you think but I normally blame a person who makes a mistake for making a mistake instead of the people who watched it happen.

    Yes, blood is still on the hands of the conservative. The housing crisis is Flaherty’s to own.

    Hot debate. What do you think? Thumb up 11 Thumb down 4

    Happy Earthquake everybody. I felt it.
    http://earthquake.usgs.gov/earthquakes/eventpage/uw60485982#summary

    Like or Dislike: Thumb up 3 Thumb down 0

    RealityCheck Says:
    43

    Land Baron, Girlbear

    Thanks for the input. I am at a loss to explain whats going on in my neighborhood when at the same time Richmond implodes. Either the Richmond sellers are crazy or the Surrey ones are. Confused about all the thumbs down I got.

    Like or Dislike: Thumb up 5 Thumb down 1

    @Realitycheck

    LOL. I didn’t “thumb you down”. If I were to hazard a guess though as to why…you did not provide enough basis for your “houses seem to be listed for $100k more” premise. As in what was your sample size, did you factor in renos, were these specific homes you saw that were listed $100k higher than 2 years ago etc…In short, what was your factual evidence for this $100k increase theme.
    Also no one buys into “wish asking prices” anymore. As we have seen from Village Whisperer’s site, sellers do all sorts of strange things when maneuvering their prices around in a low volume market.

    To be fair it doesn’t differ much from posters saying rental prices are down on CL without providing support or methodology for that statement.

    Like or Dislike: Thumb up 7 Thumb down 1

    Apocarypse Mao Says:
    45

    It’s not that the other parties weren’t challenging… they were egging the Cons on and demanding that they stimulate the economy , instead of letting a healthy correction occur. If the Cons were real free marketers, they wouldn’t have intervened. They could be blamed… but for pulling a typically liberal intervention. And since the Libs were calling for it, they probably would have done the same.

    It is a bubble and it started in 2002-3 just a little after the US bubble started. There were lots of flippers then, more than post 2007. There were overnight lineups and tales on Global of folks flipping and making big $. Most open houses I visited were zoos with multiple offers coming in. I knew I was priced out by 2005… and the Cons had not been elected yet.

    They are all the same… it’s generational. The whole media perspective is that way; house prices up = good… house prices down = bad. It doesn’t matter what side of the spectrum, whether it’s the National Post of the local Georgia Straight hippies.

    Hot debate. What do you think? Thumb up 14 Thumb down 0

    Joe Mainlander Says:
    46

    Re: Conservatives, blood, hands etc….

    At least someone’s been moving on tightening lending standards, Con or Lib.

    And at least none any of the opposition parties are telling Flaherty not to tighten lending standards. At least they haven’t yet.

    The housing bubble is like a big elephant in the room, no party wants to mention it ’cause no party knows what to do about it.

    From that fantastic Globe article posted below, it seems that a lot of it was spurred on by the CMHC acting on it’s own as a Crown Corporation.

    Like or Dislike: Thumb up 5 Thumb down 1

    @Bullbullbull

    You are playing a momentum trade, not one based on fundamentals. Be careful on that. They tend to be a great ride up, and a hideous ride down.

    Hot debate. What do you think? Thumb up 8 Thumb down 2

VCI Network

  • Take a Peak.

    The Vancouver Peak Discussion Forums are now open for collecting stats, sharing data, etc. Please register at the new site and let us know what you think.
Leap to comment form